Pop Flashcard week 2

Front

This policy was cancelled by the insured's request. How much is the unearned premium?

Back

$168.00

Front

This policy was cancelled by insured's request. What does the amount circled in blue represent?

Back

A refund due to the customer

Front

What is the short rate amount charged on this policy?

Back

$16.80

Front

This policy was cancelled by the insured's request. On what date did coverage end?

Back

3/15

Front

Which cancellation method was used to cancel this policy?

Back

Flat cancellation

Front

What does the amount circled in this picture represent?

Back

The portion of the premium not charged due to a lapse in coverage

Front

Is the policy fee in this picture fully earned or spread?

Back

Spread

Front

This policy was cancelled by insured's request. What refund amount is owed to the customer?

Back

$11.83

Front

Generally speaking which of the following is true regarding Short Rate? Options: This is charged as long as the customer has an outstanding balance after cancellation, Once the customer has a credit after cancellation we will try to charge up to 10% of the unearned premium, Once the customer cancels the policy we will send them a bill for the short rate penalty, A customer cannot cancel their policy without approval

Back

Once the customer has a credit after cancellation we will try to charge up to 10% of the unearned premium

Front

This policy was cancelled on 3/6 due to non-payment. If the customer does not wish to continue with the policy, how much should be collected?

Back

$288.12